Introduction
The Treasury Banking Act of 2024 herein as “the Act” is designed to helps community activist come together under a commercial ordinance to form groups to pursue a range of common interests of recreational, social, political, economic, investments, banking and professional contracting for community development.
The Act can help groups register as a ‘not-for-profit’ or profit organization as an incorporated or unincorporated association that enables them to create a separate legal entity through which to conduct their activities through investment products and services.
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Force of Action
On January 1 2024, Treasury Banking Act of 2024 herein as “the Act” came into force by civil action of local community legislation. A copy of the act is available from hilleryscott.com or contact.
Email: theact@hilleryscott.com
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Membership advantages
Members can:
- limit their exposure to personal legal liability.
- have access to community investment opportunities.
- linked bank accounts for dividends.
- The incorporated association can apply for government grants and hold property.
This ordinance was published for Incorporated Associations under the Act and has been developed as a comprehensive operational document to assist associations in performing their role effectively. The purpose of this guide is to provide information on some of the key legal obligations and rights that apply to associations once they are incorporated under the Act. It also provides a basic introduction to various aspects of managing an association, for example:
- Leadership and supervision
- conducting meetings;
- record-keeping;
- employing staff; and
- engaging volunteers
- community investment and lending
In effect, the Act may be used by members of associations as a reference source on good governance practices. There are many government departments and non-government organizations that provide assistance to incorporated associations. The Act also attempts to draw together these resources by providing examples, references, and direct links wherever possible.
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Publisher
The Act was published by the Founder Hillery Marcellus Scott for incorporated associations, industry stakeholders, and members of communities for grantmaking and submit a range of applications, and update association contact information.
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Definition of Authority
(1) “Local governmental subdivision” means any parish or municipality.
(2) “Political subdivision” means a parish, municipality, and any other unit of local government, including a school board and a special district, authorized by law to perform governmental functions.
(3) “Municipality” means an incorporated city, town, or village.
(4) “Governing authority” means the body which exercises the legislative functions of the political subdivision.
(5) “General law” means a law of statewide concern enacted by the legislature which is uniformly applicable to all persons or to all political subdivisions in the state or which is uniformly applicable to all persons or to all political subdivisions within the same class.
(6) “General obligation bonds” means those bonds, the principal and interest of which are secured by and payable from ad valorem taxes levied without limitation as to rate or amount.
(7) Revenue Bond means those bonds, the principal and interest of which are secured by and payable from commercial business income levied without limitation as to rate or amount.
(8) Contract Value means value allocated as equity or debt based of principal of community program and interest of which are secured by General Obligation bonds or revenue bonds with that repaid from commercial business procurement with or without principle return and limitation as to rate or amount.
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A note on copyright
Throughout this guide, various websites have been referred to for additional information, forms, and policies. In some cases, the information will be protected by copyright and may not be reproduced without permission of the copyright owner. The website will usually state if more copies can be made and distributed. If in doubt, contact the publisher concerned and seek permission to use the material. This ordinance has been provided free of charge and Asset Protection permits its reproduction. Refer to the Copyright section if you would like to read more.
A Final Word
This Act is an initial act that is written primarily for members as incorporated association with or without a legal background and deals with a large number of areas, involving in some cases quite complex laws and regulations. The guide therefore simplifies a number of matters and can be altered under the Chapter 6 Altering the Rules. As a result, topics are explained in a general manner and do not include full details on all aspects of the relevant legislation. Therefore, it cannot replace specific expert advice on your particular circumstances, which you should seek where required.
